July 16, 1958
CBP NOTIFICATION TO AUTHORIZED SECURITY DEALERS NO. 6-58
Switch transactions in Philippine domestic securities for account of nonresidents are allowed subject to the following conditions:
1. Nature of Philippine domestic securities belonging to nonresidents which are eligible for switch transactions — The following Philippine domestic securities belonging to nonresidents are eligible for exchange with other Philippine domestic securities in switch transactions for account of the same nonresidents:
a. Philippine domestic securities which have been held continuously by the same nonresident owner since or before December 9, 1949;
b. Philippine domestic securities acquired in the Philippines by non-residents since December 9, 1949, under license issued by the Exchange Control Department or by an Authorized Security Dealer in behalf of the Exchange Control Department;
c. Philippine domestic securities issued by a Philippine company with a transfer agent abroad which were acquired abroad by the present nonresident holder from another nonresident, and the transfer was duly registered with the transfer agent abroad and duly reported to the resident transfer agent;
d. The stock involved must be one listed and normally traded in...
